Wednesday, March 26, 2014

Mar 26 Market Update

MLS numbers update courtesy of the VREB via Marko Juras. These numbers are for the Victoria Real Estate Board's reporting area, including Sooke, Shawnigan Lake and the Gulf Islands.


March 2014March
 2013
Wk 1Wk 2Wk 3Wk 4
Unconditional Sales132
259
393
483
New Listings361664953
1231
Active Listings382639274007
4333
Sales to New Listings
37%
39%41%
39%
Sales Projection---543550

Months of Inventory
9.0


On track for about 15% increase in sales over last year.  It's a misleading comparison though, because in March of 2012 we had 570 sales, in 2011 we had 622, and in 2010 there were 789.   The sales rate is still in the toilet, just not the worst we've ever seen.

By the way, is anyone actually swayed by arguments around what the average person is or isn't doing?  The average homeowner won't be in trouble.  The average Canadian doesn't buy US property.  What the heck is the average Canadian?   Anyone have a definition of average that don't make those statements completely meaningless?

86 comments:

Leo S said...

@LeoM
Pretty sure Patriotz is correct on this one. If the snowbirds aren't there on April 1 they won't be counted.

Leo S said...

Snowbirds are on tourist visas, they are not residents.

Leo S said...

Here you go LeoM:
Citizens of foreign countries who are visiting the U.S. on Thursday, April 1, 2010 (Census Day), such as on a vacation or a business trip - Not counted in the census.

LeoM said...

Thanks LeoS, I get the part about tourists but the ongoing conversation here was about Canadians who buy US property then go to their property in the US for the winter or longer. I agree tourists are not counted - no question about tourists in hotels.

LeoM said...

LeoS - I forgot to add that in the past a tourist to the USA was defined as someone visiting for 90 days or less. A person visiting the USA for 91 days or longer was deemed a Temporary Resident. I think it's still the same, but I haven't checked recently.

Leo S said...

I get the part about tourists but the ongoing conversation here was about Canadians who buy US property then go to their property in the US for the winter or longer.

They can only stay for 6 months out of the year. They are on a tourist-class visa and can't work. Can't find much solid info, but even if they were counted, they wouldn't be if they aren't there on April 1.

More info: http://www.thestar.com/business/personal_finance/retirement/2013/02/11/avoiding_the_snowbirds_trap.html

"The study by the University’s Bureau of Economic and Business Research revealed that Florida’s five-million population over 55 swelled by more than a million people every winter, and 82 per cent of these snowbirds came from Canada."

So, some 800,000 Canadians just in florida for the winter.

Leo S said...

More choice quotes from that article:

"Canadians are the biggest foreign purchasers of U.S. residential real estate and own an estimated $50 billion worth in Florida alone."

"81 per cent of snowbirds spending their winters in Florida actually own their secondary home in the sunshine state."

dasmo said...

So much for rates going up... We are awfully close to my prediction that they will go down...

Robert Planks said...

Prices are rising very fast; as @dasmo said, surely they are going to fall.
Property Management

Leo S said...

So close, spammer, so close

Leo S said...

BMO cutting rates down to sub 3%

dasmo said...

Getting more and more spam bot hits... HHV needs to give Leo the full reign so someone can sweep that shit up!

caveat emptor said...

By the way, is anyone actually swayed by arguments around what the average person is or isn't doing?

I sure hope not! I don't think the intent of the discussion was whether you should or should not do something (buy US property in this case). The discussion was around how prevalent that behaviour was.

Except in basic social conventions (wearing clothes when you go outside, generally accepted politeness) I would rarely advise conformity with the average.

And yes discussions of averages can hide important things. The average American was "fine" in their housing crash,but lots and lots were not fine - enough to be a crisis.

caveat emptor said...

What the heck is the average Canadian? Anyone have a definition of average that don't make those statements completely meaningless?

Average household income is a pretty meaningful statistic if you are talking asset ownership (US real estate). Obviously there are lots of other definitions if you were talking about different issues..

Just Jack said...

Best deals of the month.

505 Cook Street. Condo with 2-bed, 2-baths and no one under 19 need apply. Bought 23 years ago for $115,000. Today re-sold at $190,000.

You don't have to pay for location in Victoria - you just need a low sperm count.

Sperm count too high! Try a top floor suite on the Gorge. Bought 8 years ago for $192,000 in a bidding war. Re-sold today at $202,500. Or a reason why you should never let your little head do the thinking for your big one.

Then there is the bizaro. 55 year and older complex with dining room and 24 hour nurse service. Monthly fee including strata is $1,550 for a One-bedroom condo in Fairfield sold for $57,000. That's right 57K

If you got rid of the nurse and sold to 20 somethings who were culinary challenged, they would have lower monthly living costs and a healthy meal each day, laundry and room service. A concept for foreign students??? UVIC Dorms. A Frat House in Fairfield? Mom and Dad could send junior off to school and 4 years later maybe make a profit off of their Demon Spawn?

dasmo said...

505 Cook Street is not bad for the seller IMO. No updates or further investment in the property and they came out not spending much if anything to live there (without knowing exactly what interest and condo fees they paid). Not bad for a buyer either since they could probably be slightly cash flow positive buyin it? Maybe?

Spunki said...

2.99% 5 yr mortgage rates are back. Wonder if this will any have significant impact on the market or not?

Prabir Kumar Mondal said...

Thank you for the information, I really happy to know the Real Estate Board's House Hunt Victoria Mar 26 Market Update

Leo S said...

505 cook street isn't so much that it's bad for the seller, just that they missed out on massive appreciation in the rest of the market during that period.
Condos just won't do that well in the long term.

David said...

505 Cook Street.
Seller is the winner. Ixnay on ground floor units. Small pool of future buyers. Probably the only retirees who would consider it are light sleepers and belong to gun clubs.

dasmo said...

I agree that Dirt goes up more than sky but it takes more money to maintain dirt. It sounds like they put nothing into the place. A 1980's crack shack in the same location would have gaine a lot more though, that is for sure!

cluelessinca said...

Can you believe this? Sellers tear down a CLEARCUT cedar poolhouse the size of a house (designed by world-famous architect Mike Nixon) with two massive beams alone that would cost $100,000 to replace), kill ALL pool privacy from the neighbors (not to mention year round use) and think they can flip this after four years for a $400,000 profit! It would cost $450,000+ at today's sustainable cedar pricing to replace that poolhouse!!! Broadmead CRAZY. 4679 Deerwood Terrace. Google it to see the listing. Unbelievable stupidity.

Oh. Gotta LOVE the oriental hanging staging to desperately appeal to mythical nonexistent Chinese buyers!! ROFL.

Al + TOH said...

We were there on the open house last Sat. Didn't know the history, but were impressed by the house itself, a beautifully designed and solid built house. But it is badly damaged by the current owner (or the one before) and current tenants. We never see or knew about the poolhouse, as it is gone, and the pool has been filled up with dirt for a "sunken garden". It has 3 badly designed kitchens and basically a roomy housing, with junks everywhere.

Another couple (not oriental) in the open house talked about potential of how to suite it. I made clear to them, that there is no chance in that neighbourhood to do so, but they kept saying that the house looks like lots people living there right now.

A beautiful house and a sad story. Hopefully, some one with means and/or ability, and lots of LOVE, buy it and restored it back to its beauty. But it would probably not be to any aisan foreign buyers, although the house is of oriental style, it is just too much work, for someone from abord.

Marko said...

Can you believe this? Sellers tear down a CLEARCUT cedar poolhouse the size of a house (designed by world-famous architect Mike Nixon) with two massive beams alone that would cost $100,000 to replace), kill ALL pool privacy from the neighbors (not to mention year round use) and think they can flip this after four years for a $400,000 profit! It would cost $450,000+ at today's sustainable cedar pricing to replace that poolhouse!!! Broadmead CRAZY. 4679 Deerwood Terrace. Google it to see the listing. Unbelievable stupidity.

Oh. Gotta LOVE the oriental hanging staging to desperately appeal to mythical nonexistent Chinese buyers!! ROFL.


Going to have to disagree with you. I've been through this property several times (before pool house was torn down) and if hypothetically I had bought the property I would have also torn down the pool house, first thing. It was in really really rough shape....nothing but one massive liability. Pools/hot tubs in Broadmead just don't make sense with such huge tree canopies.

Secondly, the home is owned by a Chinese family.

Finally, you need to revaluate your math with your $400,000 profit comment. After commissions they will break even if lucky.

Marko said...

But it is badly damaged by the current owner (or the one before) and current tenants.

It was in much rougher shape before the current owners. The current owners spent $40k just on the roof and decks alone.

Al + TOH said...

"the home is owned by a Chinese family".

Oh, then I think I probably know who they are, and that is another very sad story.

But it is a beautifully designed and built house, hopefully the new buyer can restored it back.

Just Jack said...

Brings up the question about pools.

Would you pay more for a home with a pool?

The general view of appraisers, in the past, is that a pool has a contributory value of half the cost to build. You build a new inground pool and it only has a value of half your cost even before you take the first swim.

That may not be accurate today.

Personally I see no additional value of homes with a pool in relation to homes without a pool. There may be some prospective purchasers that are specifically searching for a home with a pool - who might pay a bit more. But for the most part, the pool is just a gimmie. You bought a house and the pool came with it.

cluelessinca said...

These pics tell a somewhat different story:

Oh yeah?

To restore that house back would cost well over a million, half of it on the poolhouse alone. Not to mention that the Broadmead Association would never approve such a pool house again as they did for the original builder, Ernie Yakimovich who was the DEVELOPER of that entire Broadmead neighborhood.

Whoever ruined that property deserves a good dose of reality, and I certainly hope that a prior seller didn't get away with it.

Al + TOH said...

From the blog you given:
"Oh. I also noticed they suited out the entire lower floor with a "kitchen" and laundry room conversion. Only one thing: YOU CAN'T SUITE HOMES IN BROADMEAD. EVER. No "mortgage helpers" here, you WILL BE REPORTED and FINED and STOPPED, ONE WAY OR THE OTHER.

NOW you know why they're moving. They MUST HAVE run OUT OF CEDAR TO PAY THE MORTGAGE once their TENANTS WERE KICKED OUT BY THE ASSOCIATION."

Fair enough, no suite and no backyard chickens in Broadmead. Maybe the association should monitor suite rental posts on craigslists/kijiji/usedVictoria, there are at least 10 of them on craigslists alone now.

But there are TWO , not just one, kitchens in the downstairs floor of 4679 Deerwood Terr. And some of the open house viewers were thinking how to "dress" them up.

Isn't the seller realtor's job to tell interested people about the strict rules in Broadmead?

cluelessinca said...

Also: The roofs look absolutely unchanged from 2009. Still warping, rotten, moss covered. If anything they look like they're sagging more. So little was changed inside and out except for the illegal suiting and new deck railings (which by the way tossed over $150,000+ worth of SOLID WALNUT in today's prices) I find it absolutely impossible to believe that's a new roof.

cluelessinca said...

IN 2009 there were NO downstairs kitchen(s). There was a pool table where they list a "kitchen" and beautiful brickwork that matched the fireplace and a beautiful mirrored wet bar where the refrigerator sits now. What is now listed as a laundry room was Yakimovich's darkroom. What is now a "master" bedroom was an enormous laundry room, the original for this house. What was done to this house is a travesty. The "laundry room" off the master used to be a secluded garden deck for the master bath. That's why the entrance is a slider. Owners prior to 2001 suited the place out and sold it at a tremendous loss when THEIR suiting was discovered. And yes, it is the realtors' AND owners' responsibility to tell everyone YOU CANNOT SUITE IN BROADMEAD and not lead people on. I say realtors' because this place will be on the market longer than it was the last time and through more realtors as well. Always talk to neighbors if you can. Especially if they come out to take a look.

Marko said...

The roofs look absolutely unchanged from 2009.

If your definition of unchanged is going from a wood roof (2009) to an asphalt shingle than I guess it is absolutely unchanged.

dasmo said...

Sounds harsh. How much you want to bet it was a cedar shingle roof that just needed cleaning... Pool house looked nice :-(

Leo S said...

Not many properties are so interesting that they get a whole website made to trash them.

cluelessinca said...

That's true. The house designed by world famous architect Mike Nixon and built by the developer of Broadmead and HAD an architecturally significant poolhouse the size of most houses WAS interesting and very special, once.

No more.

But even then it was a very hard 5-year sell. Ask Binab & Strasser, Ron Neal, Royal LePage, ReMax/Camosun, and that's just 4 of the 5+ realtors that failed in from 2004-2009. People think yanking things on and off the market is a strategy. It is not.

Interesting? Like a fatal car wreck or watching a boa digest a cow.

cluelessinca said...

Marko, you CAN'T HAVE asphalt shingles in Broadmead. Only real cedar shake or cement or metal or recycled material that MUST LOOK like cedar shake. Have you even READ the covenants? They're online you know.

Are you telling us the new owner is in for an instant roof replacement of the most expensive kind there is? On top of everything else?

Caveat emptor, and thank God for the internet.

Marko said...

HAD an architecturally significant poolhouse the size of most houses WAS interesting and very special, once.

Since this 1970s pool house was so "special" why didn't everyone within the Broadmead Area Residents' Association chip in to fix it up? I saw the pool house in 2011 I think...it just needed all new windows, all new mechanical systems, and just a few dead rats had to be removed from the underground mechanical room. No big deal.

But even then it was a very hard 5-year sell. Ask Binab & Strasser, Ron Neal, Royal LePage, ReMax/Camosun, and that's just 4 of the 5+ realtors that failed in from 2004-2009. People think yanking things on and off the market is a strategy. It is not.

Exactly, no buyer saw value in the pool house.

You still haven't answered my question about the $400,000 profit or the roof that has remained unchanged?

This blog is not a place to vent your personal vendetta against your neighbour.

Marko said...
This comment has been removed by the author.
Marko said...

Marko, you CAN'T HAVE asphalt shingles in Broadmead. Only real cedar shake or cement or metal or recycled material that MUST LOOK like cedar shake. Have you even READ the covenants? They're online you know.

You obviously don't live in Broadmead or you have no idea what an asphalt/fiberglass shingle looks like. It is in the covenant but every other house has asphalt or fiberglass shingles.

I thought I was going crazy but I just google street viewed streets that have the covenant.....and I don't think I've gone crazy just yet.

Leo S said...

Interesting? Like a fatal car wreck or watching a boa digest a cow.

And where from comes this passion for this property?

Leo S said...

This blog is not a place to vent your personal vendetta against your neighbour.

I'm quite fascinated at how much both you and cluelessinca seem to know about this property that neither has any interest in.

Leo S said...

Saanich GIS seems to indicate the pool was last used between 2007 and 2009. I can imagine the house was built for someone with more means than would pick it up for 500k. Hard to fault someone for not wanting to spend the.. what, $20-$40k/year to keep such a pool and poolhouse maintained properly?

When the bank comes a knocking, architectural preservation tends to play second fiddle.

Marko said...

Last year I showed approximately 700 properties and went to approximately 100 listing presentations and I do remember a bit about each one especially those that are unique. This wouldn't be the only house in Broadmead that I know something about.

I have zero interest in the property, but it does annoy me when people make ridiculous 100% false claims.

cluelessinca said...

I also have zero interest in the property, more than obviously. What I DO have keen interest in is keeping my neighbour on this planet from being royally screwed.

Truth is truth. SOMEONE destroyed the value of that house. SOMEONE is now trying to unload it at an unforgivable price given that wanton destruction. Anyone interested deserves to know ALL the facts.

I would be remiss as a human being if I didn't speak out with what I know. As for what anyone but the now forewarned and forearmed think, bleh. If everyone did this the world would be a far better place for the good and far worse for the not so good.

Leo S said...

I agree that any ethical realtor should be clear to potential buyers that suites aren't an option. However I would have a very hard time feeling sorry for anyone dumb enough to buy the place with that in mind without doing their own due diligence.

cluelessinca said...

Marko, quit lying. That entire neighborhood covered by the covenants (Broadmead proper) has shake or shake substitute roofs. The covenants are quite specific right down to the thickness, and asphalt is specifically prohibited. Must I quote? I will.

You apparently depend on people NOT doing due diligence. Quit while you're behind. Sticking up for the unscrupulous does nothing to boost your image of integrity.

NiceTry said...
This comment has been removed by the author.
cluelessinca said...

And Leo, if someone can't afford a property in Broadmead without following the covenants, suiting it out and destroying half of it, maybe they shouldn't buy it in the first place?

You think?

The bank SHOULD be the one screaming right now. I hope they see this. Can a bank sue a homeowner for reducing the value of a property by half?

cluelessinca said...

And Marko, saying no one saw value in the pool house is being disingenuous yet again. The price was simply too ridiculously high for the market for the five full years on and off the market, even at the peak of the market. No granite, outdated fixtures, early 80's appliances, unexpandable one-car garage, useless suites, rotten roof, subsidence, not a single double pane of glass anywhere... all deal killers at a close to a mil price point. Not even a flipper would go near it, then or now. At least then they threw in a pool table, piano, and brand new top of the line Miele washer and dryer. All gone. The pool house was the best part of the house! Gunning to be the second realtor on this jewel? You love a challenge. Lotsa luck.

Katyusha said...

@Cluelessinca

You are barking up the wrong tree with your multiple posts on this blog. I suggest that you engage in a dialog, or whatever your objective is (I'm not certain) to a community site such as VibrantVictoria or directly with an individual; these alternatives may be more appropriate.

Leo S said...

Maybe they shouldn't have bought the place, but that is the danger of having a place sell for only half a million. You might attract the proletariat.

Can a bank sue a homeowner for reducing the value of a property by half?

Well let's wait and see what it actually sells for. Perhaps it will sell for lots.

Al + TOH said...

If the current owners are who I think (after Marko's tip), bank's money may not be involved at all when they bought, so why would any bank cares about the value drop?

But its would be a great pity and very sad if the house being taken down. We are not in anyway related to the house or the owners, but are lovers of mid century modern style houses and this house is a grand example, even without the poolhouse. It got a soul and just need someone with means and love to restore it.

cluelessinca said...

The current owner is more than likely still the absentee racecar driver who bought it in 2009 and has probably only sublet the place to three Chinese families and tore down the poolhouse because he didn't want to maintain it for renters. AFAIK it has NOT been on the market since then. If the current OWNER did NOT tear down the poolhouse, I'll pull the blog in a second. I have no wish to harm innocent people, let alone victims of a destroyer.

And I couldn't agree with you more, Al + TOH. It WAS one of the best houses in Broadmead, as befitting the developer. He sold many of the houses/lots there in his downstairs office across from his photo darkroom. Many parties in that place in its prime.

I too would like nothing more for someone with big bucks (it's going to take big bucks just to get the Association to approve the plans) to restore it completely. I'd do it myself if I could afford it and if their ludicrous listing price was no object to me.

Wanting things taken care of properly and not destroyed by people who can't afford them without destroying them is in no way elitist. I know what I can afford and act accordingly.

Marko said...

Marko, quit lying. That entire neighborhood covered by the covenants (Broadmead proper) has shake or shake substitute roofs. The covenants are quite specific right down to the thickness, and asphalt is specifically prohibited. Must I quote? I will.

I was in Broadmead this afternoon showing properties and in my estimation driving through Broadmead Proper I would say 50% of homes have asphalt or fiberglass roof singles. I can read covenants, but the question is can you understand the implications of covenants, building schemes, easements, and other title charges, some of which are over 100 years old. The Broadmead one will soon approach 50 years old.

And I couldn't agree with you more, Al + TOH. It WAS one of the best houses in Broadmead

I don't know about the best, I've seen a ton of very nice homes in Broadmead. Just saw this similar vintage 1970s home 4 weeks ago -> http://sharonhoffman.ca/officelistings.html/details-35349213

Marko said...

If the current OWNER did NOT tear down the poolhouse, I'll pull the blog in a second.

The poolhouse is gone, it isn't coming back, so what exactly is the purpose of your blog at this point other than a personal vendetta.

You still haven't answered my question, how did you come up with the "$400,000 profit," figures? I am asking you for a second time.

cluelessinca said...

Why should I answer when I'm clueless and you know everything?

Leo S said...

Alright relax. That kind of response doesn't further the discussion.
Will be interesting to see what it sells for.

Marko said...

Monday, March 31, 2014 8:00am

MTD March
2014 2013
Net Unconditional Sales: 547 483
New Listings: 1,236 1,231
Active Listings: 4,025 4,333

Please Note
Left Column: stats so far this month
Right Column: stats for the entire month from last year

Al + TOH said...

FYI, mid century modern is not modern modern, see
MCM

All the furniture from that era are collection items now. We love these houses and live in a modest one here ourselves.

There are probably less than 1% houses/apt in Victoria area of that style, with some neighborhoods have more than others. 2455 beach dr is one example. 2002 ferndale is another nice MCM house. We went to the open house when it was just listed, the sale agent added "mid century modern" into his description per our suggestion, it was sold a day or a few after.

Styles are subjective, but the beauty admired by so many should be our heritage, cannot really replaced by just any modern modern.

Just Jack said...

In Victoria 69 houses have sold so far this year at a median Sale to Assessment Ratio of 103.5 some went as low 88.7% and some sold at 136.2% of their assessed value.

Oak Bay had 50 homes sell in the last 90 days ranging from a low of 77.7% to a high of 121%. The median home selling at 104.3% of its assessed value date of July 1, 2013.

Sunny Esquimalt had 18 sales at a median of 102%.

136 detached home transactions in Saanich East at a mid point value of 103.1%

Saanich West had 63 sales at 102.2%

For all of the core cities there were 355 sales that ranged from a low of 66.9 to a high of 154.6 with the median at 103%

That puts the volume of sales in the core districts up by 8% and prices up a smidge over 5% from this time one year ago.

For all of the inner core districts you could have paid as little as $288,000 or as much as $2,800,000 for a house. The median house selling at $574,000 or about $267 per finished square foot. And if you were one of those selling you would have had to wait on average 50 days to sell your home.

At 5 Months of Inventory and a Sales to New Listings Ratio at 46%, it certainly seems that there is an active market and a reasonable level of liquidity for detached homes in the core.

Overall it translates into no one in a hurry to buy and no one in a hurry to sell.

CS said...

Yellen said today

The Fed hasn’t done enough to combat unemployment even after holding interest rates near zero for more than five years and pumping up its balance sheet to $4.23 trillion with bond purchases.

This extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policy makers.


So much for an early return to "normal" interest rates.

CS said...
This comment has been removed by the author.
cluelessinca said...

I'm still waiting for anyone to CONFIRM that the owners of this house are a "nice Chinese couple" who did not tear town the poolhouse, and not Lamont Stanley who probably did because it was a "ton of upkeep" for an illegal rental to three Chinese families.

If so, I will GLADLY apologize profusely, wash the egg off my face and yank the blog.

Al + TOH said...

If I was you, being very passionate about neighbor's lost poolhouse, I would have talked to the sale agent privately to find more info, before setting up the blog or coming here to ask publicly.

Seeing the pictures of the poolhouse supplied by you, I agree that it was a beautiful one, matched with the house, but it is gone. The house is the main part of this property, with or without the poolhouse, it is still there and could be restored back. Maybe somehow you could channel your passion and energy into the house restoration possibility? Just a thought.

Unknown said...
This comment has been removed by the author.
Marko said...

Tuesday April 1, 2014 7:40am:

Mar Mar
2014 2013
Net Unconditional Sales: 575 483
New Listings: 1,286 1,231
Active Listings: 4,050 4,333

Please Note
Left Column: stats for the entire month from this year
Right Column: stats for the entire month from last year

Marko said...

Sales up from last year but still slow compared to the 10 year average.

New listings still very slow and continue at well below the 10 year average.

Looking at the numbers we'll probably end up with the best sales to list ratio this year since 2009.

Introvert said...

Will renew my mortgage in 2014, probably with another five-year fixed. Can I lock in what will be a total of 10 years of historically low, "unprecedented, emergency, temporary" interest rates? Stay tuned!

Just Jack said...

It does seem that the Months of Inventory and Sales to New Listings ratio is improving. Or to put it in another way your odds of selling a home within the core districts in a reasonable time period has improved relative to the last few years.

But at the same time you're seeing more anomalies in the marketplace. Houses that you couldn't move to sell with a couple of sticks of dynamite shoved up their drain pipes.

It seems you have to have the "right" home in the "right" hood these days.

The general stats are just not good enough anymore. You have to be more specific in house style, size and location to get a definitive understanding of that specific market for that specific property.

I've had a couple of clients ask for a stat report of this kind wanting a preliminary independent idea of a property's worth BEFORE they put in any offer or commit to financing the property. Using much of the methods I have used over the years on this blog, but not to the standards of an Appraisal. A 500 word report on what the market is like for the specific property you're thinking to purchase or sell relative to market conditions and the history of that property.

Simply something to help buyers or sellers that are unsure of what is or is not fair in the marketplace.

All for $49

Any software engineers or venture capitalists out there?

cluelessinca said...

Thanks for the encouragement, Al & TOH, but the way it stands now, the house (as well as the poolhouse) will have to be completely rebuilt. The 2" of subsidence at the south end (I have photos) will worsen now that there's no pool house to hold it on the hill. One day I would love nothing more than to rebuild it from the original plans from the ground up with proper steel support into bedrock (and double-paned glass and more sustainable) and even replace all the trees, but that day is not today nor in the new future. Much luck to the new owners, sincerely.

dasmo said...

"The general stats are just not good enough anymore. You have to be more specific in house style, size and location to get a definitive understanding of that specific market for that specific property."

They never have been... This is why the comparisons to the stock market bug me so much...

caveat emptor said...

@introvert
you forgot "dramatic"

Leo S said...

Any software engineers or venture capitalists out there?

That's what Zoocasa is doing.

Leo S said...

This is why the comparisons to the stock market bug me so much...

Huh? It's exactly the same in the stock market.

dasmo said...

"Huh? It's exactly the same in the stock market."
Really? People are buying and selling portions of my exact house all day everyday allowing me to see exactly what my house is worth to the fraction of a penny every second of the day?

Just Jack said...

Okay, then we have Zoocasa offer us millions for it.

I don't mine...

StalJ said...

March stats are out, last page
Median price increases for Vic are…drum roll…
-------Mar’13------Mar’14
SFH---$510,777----$529,950---+3.8%
Condo $265,000----$283,200---+6.9%

caveat emptor said...

Median price increases for Vic are…drum roll…

Going with the HPI
+0.5% yoy = FLAT

StalJ said...

VIREB Totals
---------------Mar’13------Mar’14
Med Price $304,800---- $329,900
# of Sales --- 281 -------- 357

27% increase in sales. Anybdy else starting to wonder if the AB'ertans (Van’ites or TO’nians) are moving in again?

dasmo said...

Don't get too excited. It's just an up spike in what will be known as a flat ten years... Ending in 2018.

Leo S said...

Really? People are buying and selling portions of my exact house all day everyday allowing me to see exactly what my house is worth to the fraction of a penny every second of the day?

You're dividing it at the wrong point. The whole stock market behaves in a certain way, just like the whole housing market. But individual stocks can strongly outperform or strongly under perform the market, just like individual properties can over or under perform the housing market.

Leo S said...

That analogy matches Jack's point about requiring individual data for segments of the market. Your house is one share, not multiple. The only reason you can't be exactly certain of the value of the house is because the extremely low sales volume that are similar enough.

Just Jack said...

Houses and Condos, Houses and Condos.

But what about the third sister - Town homes. Surely someone must desire her?

In the core city areas, there were 76 pre-owned town homes bought since January 1.

And people paid from a low of 83% to a high of 125% of the assessed value. The typical town home selling at 100.5% of its current assessed value. Which is about $396,000 for a 1,500 square foot place. And at 64 days it took a little longer to sell than a house.

If you wanted to live in Vic West you could have paid as low as $240,000 or as much as $955,000 for double the square footage and a view overlooking the Golf Course in Cordova Bay.

But if you want new - add another $134,000 onto the median price.

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Jeremy Olm said...

I always get my property dose from my estate agent. He helps to make the situation so clear to me to justify the facts that we often get from various sources. The property market is not something that we can simply comprehend by reading facts and figures, but we need actual advice as to how to decipher that data. It can actually prevent us from landing on a misconception.